AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose 0.74% against the USD and closed at 0.7261.
LME Copper prices rose 0.3% or $20.0/MT to $6242.0/MT. Aluminium prices rose 0.9% or $18.0/MT to $1945.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.7251, with the AUD trading 0.14% lower against the USD from yesterday’s close.
The OECD stated that Australia’s economic growth is likely to decline to 2.9% and 2.6% in 2019 and 2020 respectively. Moreover, the report indicated the possibility of interest rate hike in Australia, within two years, provided the country’s wage growth increases.
The pair is expected to find support at 0.7226, and a fall through could take it to the next support level of 0.7200. The pair is expected to find its first resistance at 0.7277, and a rise through could take it to the next resistance level of 0.7302.
Looking forward, investors would closely monitor Australia’s CBA manufacturing and services PMIs, both for November, slated to release overnight.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
